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CF Industries Holdings, Inc. Welcomes Commerce Department’s Affirmative Preliminary Countervailing Duty Determinations Concerning UAN from Russia and Trinidad and Tobago
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Negative)
Tags
Rhea-AI Summary
CF Industries Holdings, Inc. (NYSE: CF) announced that the U.S. Department of Commerce found urea ammonium nitrate (UAN) imports from Russia unfairly subsidized between 9.66% and 9.84% and those from Trinidad at 1.83%. This is part of ongoing investigations initiated in July 2021 in response to petitions by CF Industries. Preliminary cash deposit requirements will be imposed on these imports. The final determinations by Commerce and the U.S. International Trade Commission are expected by summer 2022, which could lead to further measures against unfair trade practices.
Positive
U.S. Department of Commerce confirmed unfair subsidies on UAN imports from Russia and Trinidad, indicating potential for improved market competition.
Preliminary cash deposit requirements could protect U.S. UAN manufacturers from unfair imports.
Negative
None.
DEERFIELD, Ill.--(BUSINESS WIRE)--
CF Industries Holdings, Inc. (NYSE: CF) today welcomed the U.S. Department of Commerce’s (“Commerce”) affirmative preliminary determinations that urea ammonium nitrate (UAN) imports from Russia are unfairly subsidized at rates ranging from 9.66% to 9.84% and UAN imports from Trinidad and Tobago (“Trinidad”) are unfairly subsidized at a rate of 1.83%. Commerce made the determinations as part of countervailing duty (“CVD”) investigations that are being conducted in response to petitions filed by CF Industries through certain of its production facilities.
“Commerce’s preliminary determinations are an important step towards leveling the playing field for the U.S. UAN industry and its workers,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “We appreciate the hard work of the Commerce professionals who are handling these investigations, and look forward to participating in the post-preliminary phase.”
As a result of today’s determinations, Commerce will impose preliminary cash deposit requirements on imports of UAN from Russia and Trinidad, equivalent to the rates of unfair subsidization. Commerce is conducting concurrent antidumping (“AD”) investigations of UAN from Russia and Trinidad. Preliminary determinations in the AD investigations are expected in late January, which could lead to the imposition of additional preliminary cash deposit requirements.
Commerce initiated the CVD and AD investigations in July 2021 in response to the above-referenced petitions alleging that unfairly dumped and subsidized imports of UAN from Russia and Trinidad are injuring the U.S. UAN industry. Under U.S. law, both Commerce and the U.S. International Trade Commission (“ITC”) must make final affirmative determinations in order for Commerce to issue an AD/CVD order, which would remain in place for at least five years. Commerce and the ITC are expected to make final determinations in the summer of 2022.
About CF Industries Holdings, Inc.
At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.
What did the U.S. Department of Commerce determine regarding CF Industries and UAN imports?
The U.S. Department of Commerce found that UAN imports from Russia are unfairly subsidized at rates of 9.66% to 9.84% and from Trinidad at 1.83%.
When did the U.S. Department of Commerce initiate investigations related to CF Industries?
The investigations were initiated in July 2021 in response to petitions by CF Industries.
What are the implications of the preliminary determinations for CF Industries?
The preliminary determinations may lead to cash deposit requirements on UAN imports, aimed at leveling the competitive landscape for U.S. UAN producers.
When can final determinations be expected from the U.S. Department of Commerce?
Final determinations by the U.S. Department of Commerce and the U.S. International Trade Commission are expected by summer 2022.
